In the market for a new home or thinking of refinancing? Mortgage Solutions, LLC, a wholly owned subsidiary of Vantage Credit Union, has a very special promotion beginning April 1 that offers a great rate on a 30-year mortgage. It’s the 5/1 Portfolio ARM*. You’ll also have a chance to win one of two $500 Home Depot gift cards!**
How does the 5/1 Portfolio ARM work?
The rate on this loan is tied to prime, currently 3.25% (3.315% APR) and fixed for the first five years of the loan. Every 12 months thereafter for the life of the loan, the rate will be adjusted according to the prime rate.
Your rate is capped at 2% per adjustment period, which means your rate could never increase by more that 2% in any given year for the life of your loan.